- First Step in Implementing I&M's Powering the Next
Tomorrow Plan
- Clean Energy Facilities Will Begin Generating Electricity as
Early as 2024
FORT WAYNE, Ind., March 15, 2022 /PRNewswire/ -- Indiana Michigan
Power, an American Electric Power (Nasdaq: AEP) company, has
issued a request for proposals (RFP) for facilities that will
generate approximately 800 megawatts (MW) of wind energy and
approximately 500 MW of solar power.
I&M's invitation for bids offers private sector developers
the opportunity to propose the best and most cost-effective
projects to add significant renewable energy resources to I&M's
diverse generation fleet. I&M currently operates five solar
farms and purchases power from four Indiana wind farms. In 2021, more than 80% of
the energy I&M generated was emission-free.
The resources being sought in this RFP align with I&M's
Powering the Next Tomorrow plan. Powering the Next
Tomorrow was described in I&M's Integrated Resource Plan,
which was submitted to state utility regulatory commissions in both
Indiana and Michigan earlier in 2022. I&M expects some
of the new renewable resources to be online by as early as the end
of 2024 and the full 1,300 MW to be online as early as the end of
2025.
"This RFP is designed to provide qualified developers the
opportunity to bring forward wind and solar projects that can be
used to serve Indiana Michigan Power customers," said Dave Lucas, I&M vice president for
Regulatory and Finance. "These new resources will combine with
I&M's existing generation to provide an even more diversified
and flexible generation portfolio that will stabilize energy costs
over time, stimulate economic growth, reduce emissions and
take advantage of new technologies."
Indiana Michigan Power's RFP is open and non-discriminatory,
which provides bidders the opportunity to submit proposals that
incorporate battery storage, emerging technologies and other
resources to supplement the portfolio and provide for optimum
performance and affordability.
I&M prefers projects that will provide economic benefit to
the states of Indiana and/or
Michigan and encourages the
use of local resources where feasible. The RFP also calls for
successful bidders to use reasonable efforts to utilize small and
diverse suppliers as subcontractors for work.
The RFP calls for solar projects within Indiana and/or Michigan, while wind projects – which require
availability of large amounts of land – can be in those states as
well as Illinois or Ohio.
Bids are due April 21, and I&M
plans to have contracts with the successful developers by the end
of 2022. The selected resources will be submitted to state
regulatory commissions in Indiana
and Michigan for their review and
approval.
I&M has engaged Charles River Associates to serve as an
independent monitor for the RFP and incorporate input from groups
representing customers and other stakeholders into the competitive
procurement process.
ABOUT INDIANA MICHIGAN POWER: Indiana Michigan Power
(I&M) is headquartered in Fort
Wayne, and its approximately 2,100 employees serve more than
600,000 customers. More than 80% of its energy delivered in 2021
was emission-free. I&M has at its availability various
sources of generation including 2,278 MW of nuclear generation in
Michigan, 450 MW of purchased wind
generation from Indiana, more than
22 MW of hydro generation in both states, nearly 35 MW of
large-scale solar generation in both states, and 2,620 MW of
coal-fueled generation in Indiana.
ABOUT AMERICAN ELECTRIC POWER: American Electric Power,
based in Columbus, Ohio, is
powering a cleaner, brighter energy future for its customers and
communities. AEP's approximately 16,700 employees operate and
maintain the nation's largest electricity transmission system and
more than 224,000 miles of distribution lines to safely deliver
reliable and affordable power to 5.5 million regulated customers in
11 states. AEP also is one of the nation's largest electricity
producers with approximately 31,000 megawatts of diverse generating
capacity, including more than 6,100 megawatts of renewable energy.
The company's plans include growing its renewable generation
portfolio to approximately 50% of total capacity by 2030. AEP is on
track to reach an 80% reduction in carbon dioxide emissions from
2000 levels by 2030 and has committed to achieving net zero by
2050. AEP is recognized consistently for its focus on
sustainability, community engagement, and diversity, equity and
inclusion. AEP's family of companies includes utilities AEP Ohio,
AEP Texas, Appalachian Power (in Virginia and West
Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky
Power, Public Service Company of Oklahoma, and Southwestern Electric Power
Company (in Arkansas, Louisiana, east Texas and the Texas
Panhandle). AEP also owns AEP Energy, which provides
innovative competitive energy solutions nationwide. For more
information, visit aep.com.
News releases and other information about I&M are
available at IndianaMichiganPower.com
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SOURCE Indiana Michigan Power